Ramelius Resources Limited · ASX:RMS
Ramelius Resources — Investor Presentation (February 2026)
53 slides from Ramelius Resources's investor presentation, February 2026
Slide 1: Growth Pathway to +500koz
Growth Pathway to +500koz Investor Presentation FEBRUARY 2026
Slide 2: Qualifications & Non-IFRS financial information
Qualifications & Non-IFRS financial information Forward Looking Statements This presentation contains certain forward-looking statements with respect to Ramelius Resources Ltd’s (Ramelius) financial condition, results of operations, production targets and other matters that are subject to various ri
Slide 3: Corporate overview
Corporate overview Corporate Profile Capital Structure Board of Directors Market Cap1 A$ 9.7B Bob Vassie Non-Executive Chair Cash & Gold2 A$ 694M2 OUR MISSION Simon Lawson Deputy Chair To be a sustainable Mark Zeptner Managing Director Listed investments 2 A$ 70M gold producer that David Southam Non
Slide 4: Ramelius' Vision | to be a +500koz p.a. producer by FY30
Ramelius’ Vision | to be a +500koz p.a. producer by FY30 The creation of a leading Australian Gold Company with highly profitable operations, a supercharged growth profile and exceptional exploration upside A$9.7Bn A$694M 12Moz Au 4.2Moz Au 195koz Au Market cap1 Cash & gold2 Group Mineral Resource3
Slide 5: Growing the business
Growing the business Establish • Mt Magnet Ore Reserves up 210% to 3.1Moz1 • Never Never Underground (including Pepper) maiden Ore Reserve of 7Mt @ 7.3g/t for 1.6Moz4 • Rebecca-Roe DFS released, demonstrating excellent economics with total Reserves of 1.1Moz, FID approved, subject to Roe permitting2
Slide 6: Key Highlights | December 2025 Quarter
Key Highlights | December 2025 Quarter Production & Costs • Quarterly gold production of 45,610 ounces at an AISC of A$1,977/oz (all Mt Magnet)1 • First ore mined from Never Never underground mine in Quarter with haulage to commence in late February / March 2026 • FY26 Guidance maintained • High-gra
Slide 7: 5-Year Outlook (base case) | 525koz p.a. by FY30
5-Year Outlook (base case) | 525koz p.a. by FY30 5-Year and long-term Group production profile(Koz) & AISC (A$/oz) ~ 525koz p.a. long term production rate +A$1Bn free cash flow p.a. from FY30 at A$4,500/oz A$1,975/oz AISC average over next 5-years (peer leading) and lower from FY30 NOTES 1. Refer to
Slide 8: Mt Magnet Hub
Mt Magnet Hub MMtétée40-»
Slide 9: Mining & Production | high-grade Dalgaranga ore to come
Mining & Production | high-grade Dalgaranga ore to come ORE TONNES MINED MINED GRADE ORE TONNES MILLED MILLED GRADE GOLD PRODUCTION 0.5Mt 2.59g/t 0.6Mt 2.67g/t 46koz Au Comparable to Dalgaranga ore Comparable to In line with lower Higher production prior Quarter with available from the prior Quarter
Slide 10: Mt Magnet Operating Highlights | low-cost operation
Mt Magnet Operating Highlights | low-cost operation Safety: Nil (0) Lost Time Injuries and four (4) Restricted Work Injuries Production: 45,610 ounces of gold produced Mt Magnet tonnes milled (Q2 FY26) Costs: AISC of A$1,977 per ounce Operations: Open pit mining across Cue deposits (Break of Day, Wh
Slide 11: Cash Flow | A$55M investment in Dalgaranga development
Cash Flow | A$55M | investment in Dalgaranga development Quarterly movement in cash & gold • Q2 FY26 gold production of 45,610oz and AISC of A$1,977/oz generating operating cash flow of A$149.7M • A total of A$75.8M invested into growth capital and exploration • Cash dividend payment of A$60.3M for
Slide 12: Disciplined approach to capital allocation & priorities
Disciplined approach to capital allocation & priorities 1 Maintain strong balance sheet 1 Re-investment into the business1 1 Shareholder returns2 • Cash on hand A$810M • Never Never development • Longer term shareholder returns subject to board • Free cash flow of A $0.9Bn • Mt Magnet mill upgrade a
Slide 13: Mt Magnet 5-Year Outlook | 380koz p.a. by FY30
Mt Magnet 5-Year Outlook | 380koz p.a. by FY30 Mt Magnet 5-Year and long-term production profile(Koz) & AISC (A$/oz) ~ 360 koz p.a. long-term production rate Tier 1 production hub by both production and AISC metrics A$1,860/oz AISC average over next 5-years, lower after FY30 Exploration upside…. fur
Slide 14: Mt Magnet | Never Never mine schedule
Mt Magnet | Never Never mine schedule Never Never mining schedule (Mt) & (g/t) Mining schedule tonnages and grade increase as the main section of the ore body is accessed from FY28 onwards Pepper zone not in full production until FY30 Never Never Ore Reserve: 7Mt @ 7.3g/t Au for 1.6Moz1 NOTES The Ne
Slide 15: Dalgaranga | the start of something great
Dalgaranga | the start of something great Mine development Stope development Never Never mine development. status as at 31 December 2025. Barminco rhino rig drilling a boxhole in the first stope to be mined at Dalgaranga Total lateral development of 1,627m with commencement of ore mining at the Neve
Slide 16: Mt Magnet | top Australian gold production hub
Mt Magnet | top 5 Australian gold production hub Top 20 Australian gold mines by gold production NOTES 1. Sourced from Visible Alpha 2. Top 20 gold production hubs based on prior financial year's gold production 3. Tropicana and Gruyere JVs based on 100% ownership, AISC based on reported AISC from A
Slide 17: Exceptional Exploration Upside
Exceptional Exploration Upside
Slide 18: Mt Magnet | base case + upside
Mt Magnet | base case + upside Opportunities to displace low-grade Mt Magnet 5-year production profile (koz) & low-grade material 1 Penny: extensions to the existing Penny North high- grade deposit to the southwest o Exploration spend for FY26 of A$10-12M 2 Cue: underground extensions, following up
Slide 19: Penny | exploration drilling
Penny | exploration drilling Q2: 6,500m underground drill program FY26 planned / A$12M spend Significant results1 Include: 0.7m at 41.7g/t Au from 129.5m 0.8m at 77.1g/t Au from 181.1m 2.1m at 8.20g/t Au from 134.4m NOTES 1 See RMS ASX “Exploration Update – High-Grade Strategy & Discover”, 22
Slide 20: Penny | shear zone extensions
Penny | shear zone extensions Austin North - Cross section Magenta-Columbia long section Penny Shear Zone extends to north with other exploration targets along strike. Recent results1 include: 3.4m at 6.94g/t Au from 300.4m, incl. 0.7m at 16.2g/t Au from 300.4m 0.73m at 15.5g/t Au from 302.23m P
Slide 21: Cue | exploration drilling
Cue | exploration drilling Long section of Starlight Basalt 2.5km long corridor Break of Day – cross section Starlight Basalt stratigraphic unit extends northwards from the Break of Day area and remains relatively untested at depth. Diamond drilling has been conducted from surface adjacent to the Br
Slide 22: Cue | regional exploration drilling
Cue | regional exploration drilling Austin North - Cross section Regional exploration potential along strike to the north of Break of Day. Recent results1 from Austin North include: 7.0m at 8.24g/t Au from 104.1m 11.0m at 3.05g/t Au from 103m 5.0m at 5.09g/t Au from 99m NOTES 1 See RMS ASX “Ex
Slide 23: Galaxy Mine Area
Galaxy Mine Area1 Galaxy Mine Area consists of 2 open pits and 2 underground mines The famous high-grade Hill 50 mine forms part of this area (historical production of 7.3Mt @ 8.84g/t for 2Moz). Mineral Resource 1.9Mt @ 6.0g/t Au for 360koz2 The Saturn and Mars underground mine currently in operatio
Slide 24: Galaxy Operating Mines | underground exploration drilling
Galaxy Operating Mines | underground exploration drilling 56,000m drill program planned / A$16M spend Mars and Saturn drill hits1 5.1m at 47.3g/t Au from 206m, incl. 1.0m at 238g/t Au from 206m 1.6m at 47.8g/t Au from 164.9m 4.4m at 13.0g/t Au from 159.6m Galaxy Exploration Target 6 – 7Mt at
Slide 25: Galaxy Mine Area | Hesperus exploration drilling
Galaxy Mine Area | Hesperus exploration drilling Hesperus – drill hole location plan Cross section showing recent results Exploration and resource definition RC and diamond drilling is extending mineralisation at depth within the main Hesperus Granodiorite Sill and laterally away from the main zone
Slide 26: Galaxy Mine Area | Hesperus exploration drilling
Galaxy Mine Area | Hesperus exploration drilling Hesperus visible gold intercept (0.5m intercept grading at 8,590g/t in GXDD0312) NOTES 1 See RMS ASX “Exploration Update – High-Grade Strategy & Discover”, 22 January 2026 | 26
Slide 27: Galaxy Mine Area | Windbag exploration drilling
Galaxy Mine Area | Windbag exploration drilling Windbag – drill hole location plan Windbag - Long section (facing north) A short program of deeper RC drilling beneath the pit has returned significant results confirming the presence of an emerging felsic-intermediate intrusive mineralised system with
Slide 28: Dalgaranga | resource definition & infill drilling
Dalgaranga | resource definition & infill drilling Underground diamond drilling results1: Never Never: 13.0m at 38.4g/t Au from 122.2m 35.3m at 16.0g/t Au from 104.7m 16.3m at 10.2g/t Au from 42.4m 7.7m at 25.4g/t Au from 129.0m 11.3m at 22.9g/t Au from 117.0m Four Pillars: 4.2m at 3.35g
Slide 29: Dalgaranga | a corridor for future discoveries
Dalgaranga | a corridor for future discoveries This corridor is a 6km-long mineralised trend extending north-eastwards from Gilbeys up to the Golden Wings Prospect, a number of high- grade intercepts have already been recorded FY26 Plan • exploration expenditure of up to A$19M • underground diamond
Slide 30: Rebecca-Roe DFS
Rebecca-Roe DFS MMtétée40-»
Slide 31: Rebecca-Roe | definitive feasibility study
Rebecca-Roe | definitive feasibility study • After tax NPV5% of A$692M (@ base case of A$4,500/oz) • Total cash flow of A$1,418M (@ base case of A$4,500/oz) with avg of approximately A$200M p.a between FY30 and FY36 • Internal rate of return post-tax of 34% • Cash tax rate of 27%1 • Production avg 1
Slide 32: Project timelines | achievable sequenced plan
Project timelines | achievable sequenced plan | 32
Slide 33: Key focus areas remainder of FY26
Key focus areas remainder of FY26 Area Description Status / Next key date Group Continue to focus on safety performance improvement • Ongoing Progress environmental approval for Roe (approvals Rebecca-Roe • Ongoing and on track already in place for Rebecca) • Exploration update 22 Jan 2026 Explorati
Slide 34: Ramelius' investment case
Ramelius’ investment case Reliable Sector leading operational team cash flows Stand-out in sector for High margin / free cashflow delivery of Guidance focused business with long life assets (Mt Magnet & Rebecca- Roe) Dividend yield well 170% production growth above mid-tier ASX Pathway to 525koz p.a
Slide 35: Appendices
Appendices FY26 Guidance 5 Year Outlook – growth capital 5 Year Outlook – high margin business Mt Magnet Hub Never Never PFS Results Hedge book Dividend history Mineral Resources Ore Reserves Eridanus mine and future open pit/underground | 35
Slide 36: FY26 Guidance
FY26 Guidance • Ramelius will remain focused on delivering to our shareholders Guidance for the 6th consecutive year • The Never Never underground mine development remains on track with processing of ore to commence in H2 FY26 • The Mt Magnet plant expansion will be heavily weighted to H2 FY26 with
Slide 37: Free cash flow | fully funded, strong ongoing FCF
Free cash flow | fully funded, strong ongoing FCF Group free cash flow outlook (A$M) Sequenced capital plan Mt Magnet mill expansion and upgrade of A$223M to initial 4.3Mtpa capacity (construction completion early September 2027 Quarter) - in addition, Dalgaranga site and underground infrastructure
Slide 38: 5-Year Outlook | group major growth capital
5-Year Outlook | group major growth capital Group major growth capital (A$M) Fully-funded from existing cash reserves and future cash flow Mine development Never Never underground – A$76M Eridanus Stage 3 open pit – A$374M Rebecca-Roe (up to FY30) – A$180M Other infrastructure Dalgaranga infrastruct
Slide 39: 5-Year Outlook | high margin business for longer
5-Year Outlook | high margin business for longer AISC Margin (A$/oz) (%) (at base case A$4,500/oz)1 50 – 60% AISC margin across FY26 - FY30 ~ average A$2,500/oz1 AISC margin/oz across FY26 - FY30 Superior returns quality assets focusing on high- grade ore and owner cost control NOTES 1. Includes exi
Slide 40: Mt Magnet Hub | good to great to a top asset
Mt Magnet Hub | good to great to a top 5 asset Existing Circuit (1) Throughput: 2Mtpa to 1.3Mtpa Grind size: 175μm to 53um New • 13m leach feed thickener New Circuit (2) Throughput: 3Mtpa Grind Size: 175μm New • Single stage jaw crushing, 10kt coarse ore stockpile and reclaim • Pebble crushing circu
Slide 41: Metallurgical testwork | grind size + recovery driven solution
Metallurgical testwork | grind size + recovery driven solution Dalgaranga testwork • 80.5% recovery rate at a 175μm grind • Based on this testing, Never Never and Pepper recoveries at 53μm have been modelled at 93.3% • Never Never and Pepper ores have low reagent consumption • 53μm grind preferred o
Slide 42: Mt Magnet | powered by hybrid energy
Mt Magnet | powered by hybrid energy Solar and battery milestone 6.7MW solar power and 8.3MW battery storage Hybrid power plant capacity Total hybrid power plant up to 46MW, low-emission energy Wind farm construction 14MW wind farm construction 2026 Hybrid energy solutions - sustainably powering our
Slide 43: Mt Magnet | peer processing plant benchmarking
Mt Magnet | peer processing plant benchmarking • A$223M capital to upgrade Mt Magnet plant nameplate capacity to 5Mtp.a., with targeted run rate of 4.3Mtpa initially to match mining • Undertaken in two stages, expected completion early 2028 • 5Mtpa processing rate based on current Ore Reserve deplet
Slide 44: Mt Magnet | 5-year physical & financial summary
Mt Magnet | 5-year physical & financial summary Ore mining schedule (Mt) & (g/t) Ore milling schedule (Mt) & (g/t) Processing costs (A$M) & (A$/t) Major growth capital spend (A$M) | 44
Slide 45: Mt Magnet | Never Never underground PFS results
Mt Magnet | Never Never underground PFS results Pre-feasibility study Never Never Underground Unit (October 2025) General Start date (site establishment) Mnth Tota l completed per unit • Bears the full cost of Mt Magnet mill upgrades (A$223M) Mining commencement Production commencement Mnth Mnth com
Slide 46: Increasing exposure to spot gold price
Increasing exposure to spot gold price Gold price exposure Hedge book history (koz) & average price (A$/oz) Pre-delivered into 7koz of FY26 FY27 also has zero premium FY28: 40,000 put options at a forward contracts increasing collars for 22,500 ounces with a floor price of A$5,750/oz (not future exp
Slide 47: Dividend history | up 60%, 7th consecutive year
Dividend history | up 60%, 7th consecutive year Final Dividend Dividend history | cps | (A$M) • Fully franked at 5 cents per share (A$95.6 million) • Record date of 16 September 2025 • Payment date of 13 October 2025 Total FY25 Dividend • Fully franked at 8 cents per share (including 3 cents per sha
Slide 48: 2025 | Mineral Resource Statement
2025 | Mineral Resource Statement MINERAL RESOURCES AS AT 30 JUNE 2025 - INCLUSIVE OF RESERVES For detailed information relating to Measured Indicated Inferred Total Resource Project Deposit Mineral Resources refer to the Mt g/t Koz Mt g/t Koz Mt g/t Koz Mt g/t Koz following ASX Releases (RMS): Open
Slide 49: 2025 | Ore Reserve Statement
2025 | Ore Reserve Statement ORE RESERVE STATEMENT AS AT 30 JUNE 2025 For detailed information relating to Ore Prov en Probable Total Reserv e Reserves refer to the following ASX Project Deposit Mt g/t Koz Mt g/t Koz Mt g/t Koz Releases (RMS): Open Pit deposits 20 1.2 780 20 1.2 780 • “Resources & R
Slide 50: Eridanus cutback | long term feed for the Mt Magnet plant
Eridanus cutback | long term feed for the Mt Magnet plant Updated Total Mineral Resource (open pit / underground) of 24Mt at 1.7g/t for 1.3Moz1 Maiden Ore Reserve (open pit only) of 18Mt at 1.2g/t for 680koz1 NOTES 1. See RMS ASX Release “Ramelius’ new 17-Year, 2.1Moz Mine Plan at Mt Magnet, up 37%
Slide 51: Eridanus | underground potential below
Eridanus | underground potential below Underground • Underground Mineral Resource of 4.2Mt at 2.3g/t Au (310koz1) • Underground production target of 4.3Mt at 1.4g/t Au (200koz1) • Start date FY34, waiting for cutback completion • Up-front capital expenditure expected to be low • Eridanus remains ope
Slide 52: Disclaimer | definitions
Disclaimer | definitions DISCLAIMER The peer information has been sourced from publicly available information and includes non-IFRS information. The reporting and calculation of non-IFRS information may vary from company to company. Whilst efforts have been made to harmonise this information whereve
Slide 53: Thank you
Thank you RAMELIUS RESOURCES LIMITED | ASX Code: RMS Level 13, 58 Mounts Bay Road, Perth, WA, 6000 Authorised for release to the ASX by the Managing Director INVESTOR ENQUIRIES Mark Zeptner Managing Director Ramelius Resources Ltd Ph: +61 8 9202 1127 Darren Millman Chief Financial Officer Ramelius R
Ramelius Resources — Investor Presentation (February 2026) on 6ix